Core Viewpoint - The company has successfully integrated Sino Gaode into its consolidated financial statements and is optimistic about future performance due to ongoing projects with major clients [2][3]. Company Overview - As of March 2025, the company holds 49.90% of Sino Gaode's shares and has completed the necessary registration procedures [2]. - The integration of Sino Gaode is progressing normally, with expected performance releases in Q3 2025 [2]. Technology and Market Position - Sino Gaode is recognized for its etching technology, which has significant barriers to entry due to the need for chemical processing capabilities and environmental compliance [3]. - The company is confident in its business layout and future growth prospects in the etching sector as client demand increases [3]. New Materials Strategy - The lithium battery new materials sector is experiencing intense price competition, prompting the company to focus on high-tech applications [4]. - The company has developed carbon nanotube products for solid-state batteries and is increasing investment in high-surface-area carbon black, which has higher conductivity and profit margins [4]. CCS Business Layout - The integrated bus CCS is a critical component in new energy batteries, with the company leveraging its relationships with major lithium battery clients [5]. - The transition from FPC to FCC signal acquisition components presents an opportunity for product iteration and margin improvement [5]. Thermal Management Strategy - The acquisition of Sino Gaode is a strategic move to enhance the company's thermal management capabilities, particularly in consumer electronics [6]. - The company is also exploring liquid cooling module business opportunities in response to rising cooling demands from advanced technologies [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 166 million yuan, a year-on-year increase of 1.66%, but a net loss of 11.24 million yuan, a decline of 121.43% [8]. - The company's debt ratio stands at 29.48%, with a gross margin of 24.28% [8]. Analyst Ratings and Predictions - Recently, one institution has issued a buy rating for the stock, with profit forecasts indicating a net profit of 113 million yuan for 2025 [9]. - The stock has seen a net outflow of 27.78 million yuan in financing over the past three months [9].

Core Insights - Jebon Technology (301326.SZ) reported a strong performance for the fiscal year 2024, driven by the recovery in consumer electronics demand and the continuous growth in new energy battery demand [1] - The company achieved a revenue of 793 million yuan, representing a year-on-year increase of 16.90%, with a gross margin of 26.47%, up by 5.44 percentage points [1] - Although the net profit was a loss of 19.35 million yuan, it marked a significant reduction in losses by 65.33% year-on-year, indicating a recovery in core business profitability [1] Business Segments - Jebon Technology's two core business segments, precision functional parts and carbon nanotube products, showed rapid growth in 2024 [2] - The precision functional parts and structural components segment generated revenue of 727 million yuan, a year-on-year increase of 13.3%, with a gross margin improvement of 5.26 percentage points to 27.54% [2] - The carbon nanotube product segment experienced explosive growth, with revenue reaching 55.76 million yuan, a staggering increase of 140.13% year-on-year, driven by the rising demand for conductive materials in lithium batteries [2] Strategic Developments - The company is proactively developing carbon nanotube products for solid-state batteries to address conductivity and stability issues, having already provided samples for testing to some clients [3] - Jebon Technology is expanding its thermal product solutions through strategic acquisitions, including the acquisition of a 49.9% stake in Dongguan Sainuo Gaode Etching Technology Co., Ltd., which is expected to enhance performance growth [3] Future Outlook - For 2025, Jebon Technology plans to deepen collaborations with major clients, maintain high R&D investments, and optimize its product system, including the introduction of a new high-specific surface area carbon black product line [4] - The company aims to advance the implementation of mobile and tablet VC heat dissipation projects and expand liquid cooling module business development [4] - Market institution CITIC Securities has given a "buy" rating for Jebon Technology, anticipating continued improvement in profitability for 2025 [4]